Gov Accounting- Financial Statements Flashcards
What are the required pieces of the financials (in order)
- MD&A
- Government-wide financial statements
- Fund financial statements
- Notes to the financial statements
.5. Required supplementary information (RSI) and OSI- other supplementary information
What must be included with the government-wide financials and fund financial statements?
Reconciliation of modified accrual governmental funds to the government-wide financials on the full accrual basis
How are government-wide financial recorded?
Prepared on the accrual basis
Reflecting economic resources measurement focus
How is net position calculated in the government-wide financials
A-L = NP
Describe the statement of activities
- includes program revenues (SOC) resulting from exchange-type (charges for services) or non-exchange type transactions such as operating or capital grants
- between governmental activities and business-type activities columns, interfund activity with be eliminated; between columns interfund-activity will not be eliminated
What is the criteria for major funds
- 10% of GRaSPP funds or enterprise funds
2. 5% of GRaSPP funds or enterprise funds
Which fund is always included as a major fund
general fund
Which funds are always excluded from major fund considerations
- internal service funds
What is unique about the proprietary fund financial statements?
has a statement of cash flow
How does the fiduciary fund report net position
the difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources
what are the requirements of the MD&A section
- easily readable summary
- likely include a description of major initiatives and analyze material variances
What is the requirement of the notes of the financial statements
essential for fair presentation
focus on the primary government (specifically governmental activities, business type activities, major funds, and nonmajor funds in aggregate
additional information regarding discretely presented component units
What might be included in required supplementary information
May include:
pension data
infrastructure data
budgetary comparisons of the original and final budgets as well as the actual amounts
What is included in the optional supplemental information
Combining statements for nonmajor funds and variance computations is optional